TCRAP_Public/150701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 1, 2015, Vol. 18, No. 128


                            Headlines


A U S T R A L I A

M V DEVELOPMENTS: First Creditors' Meeting Set For July 8
NATIONAL MAINTENANCE: First Creditors' Meeting Set For July 8
TAGARA BUILDERS: Liquidation Puts Sub-contractor's Firm at Risk
TAMWORTH REGIONAL: First Creditors' Meeting Set For July 9


C H I N A

CHINA: Graft Probe Uncovers Falsified Revenues at Large SOEs
INTIME RETAIL: S&P Lowers CCR to 'BB-'; Outlook Stable


I N D I A

A M BREWERIES: CRISIL Suspends B- Rating on INR1.16BB Term Loan
AA FASHION: CRISIL Suspends 'D' Rating on INR50MM Export Loan
ADHWRYOU HOTELS: ICRA Suspends 'D' Rating on INR5.0cr LT Loan
AMETHYST HOSPITALITY: CRISIL Suspends B+ Rating on INR45MM Loan
ARCHI BREWERIES: CRISIL Suspends B- Rating on INR200MM Bank Loan

ARJUNA COTTON: ICRA Withdraws 'B' Rating on INR12.50cr LT Loan
ASHOK BRICKS: CRISIL Suspends B- Rating on INR25MM Bank Loan
BALAJI AUTOWORLD: ICRA Lowers Rating on INR5.0cr Loan to 'C'
BALAJI INDUSTRIES: CRISIL Suspends B+ Rating on INR90MM Loan
CHANDU AGENCIES: CRISIL Suspends 'B' Rating on INR85MM Cash Loan

CHHATTISGARH FERRO: ICRA Assigns B+ Rating to INR5.5cr Cash Loan
DHINGRA EXPORTS: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
G.P TRONICS: CRISIL Suspends B+ Rating on INR67.5MM Cash Loan
GHUBAYA EDUCATIONAL: CRISIL Suspends D Rating on INR99.1MM Loan
GODAWRI MOTORS: CRISIL Suspends 'B' Rating on INR72.5MM Bank Loan

H.R. RICE: CRISIL Suspends 'D' Rating on INR340MM Cash Loan
HUTCH INDIA: ICRA Assigns B+ Rating to INR7cr Fund Based Loan
KARUTURI CERAMICS: CRISIL Suspends D Rating on INR231.9MM Loan
KASHI KANCHAN: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
LEAPFROG ENGINEERING: CRISIL Suspends B+ Rating on INR20MM Loan

LINKSON INTERNATIONAL: CRISIL Suspends D Rating on INR375MM Loan
MDC PHARMACEUTICALS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
NIKKI STEELS: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
NIRMAN INDUSTRIES: CRISIL Suspends D Rating on INR330MM Term Loan
QUICK ACT: CRISIL Reaffirms B+ Rating on INR110MM Channel Loan

SAI VENKATESHWARA: ICRA Reaffirms B+ Rating on INR6.28cr Loan
SAMAGRA SHIKSHANA: ICRA Ups Rating on INR17.52cr Term Loan to B
SHAKUMBARI AUTOMOBILES: Ind-Ra Suspends 'IND BB' LT Issuer Rating
SHREE GOVIND: CRISIL Suspends B- Rating on INR25MM Term Loan
SHREE HARI: CRISIL Suspends 'B' Rating on INR150MM Term Loan

SHREE RAM: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Credit
SHREE SITA: ICRA Suspends B+ Rating on INR9.50cr Loan
SHREE SITA UDYOG: ICRA Suspends B+ Rating on INR4.0cr Loan
SHREE SANYEEJI: CRISIL Cuts Rating on INR440MM Cash Loan to 'D'
SHREEJI AUTOWORLD: ICRA Lowers Rating on INR10cr Cash Loan to 'C'

SHRI AMBA: CRISIL Suspends 'D' Rating on INR33.4MM Cash Loan
SHUKAN ORCHID: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
SHUKAN GLORY: CRISIL Suspends 'D' Rating on INR100MM Term Loan
SILVER SPRING: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
SINGH CYCLE: CRISIL Suspends B+ Rating on INR65MM Bank Loan

SOUTH GLASS: CRISIL Suspends 'B' Rating on INR110MM Bank Loan
SRI GANESH: CRISIL Assigns B- Rating to INR50MM Cash Credit
ST. LAWRENCE: CRISIL Reaffirms 'B' Rating on INR75.5MM Bank Loan
TARA CHAND: ICRA Upgrades Rating on INR40cr Loan From B+
TAURUS FLEXIBLES: Ind-Ra Suspends 'IND BB-' LT Issuer Rating

TOUCHSTONE PVT: CRISIL Reaffirms B+ Rating on INR32MM Cash Loan
VENKATESHWARA FIBRE: CRISIL Suspends B+ Rating on INR45MM Loan
VIMAL MICRONS: ICRA Reaffirms B+ Rating on INR25.60cr Cash Loan
VINISHMA TECHNOLOGIES: ICRA Reaffirms B Rating on INR10cr Loan
VISHWA GYAN: Ind-Ra Assigns 'IND BB-' Rating to INR67.34MM Loan

WELCOME DISTILLERIES: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
WYAN INDUSTRIES: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating


J A P A N

AOZORA BANK: Completes Repayment of Public Bailout Funds
HN TRUST: Fitch Affirms 'BBsf' Rating on JPY20MM Class A3 Sr. BIs
TOKYO ELECTRIC: 3 Top Banks to Give JPY280BB Additional Fund


M A L A Y S I A

MALAYSIA AIRLINES: 6,000 Jobs Cut Final Effort to Save Carrier


N E W  Z E A L A N D

ORANGE FINANCE: KordaMentha Concludes Receivership


S I N G A P O R E

MANULIFE ASSET: Proceeds With Planned Singapore IPO
MANULIFE US: S&P Assigns 'BB' Preliminary LT CCR; Outlook Stable


S O U T H  K O R E A

SK INNOVATION: Investors Doubt Unit's Planned IPO on Failed Sale


                            - - - - -


=================
A U S T R A L I A
=================


M V DEVELOPMENTS: First Creditors' Meeting Set For July 8
---------------------------------------------------------
Robert Boyce Moodie & Andrew James Barnden of Rodgers Reidy
were appointed as administrators of M V Developments (Lane Cove)
Pty Limited on June 26, 2015.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy, Level 2, 230 Clarence Street, in Sydney, on
July 8, 2015, at 11:00 a.m.


NATIONAL MAINTENANCE: First Creditors' Meeting Set For July 8
--------------------------------------------------------------
Ronald Dean-Willcocks of Dean-Willcocks Insolvency Solutions was
appointed as administrator of National Maintenance Corporation Pty
Limited on June 28, 2015.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Insolvency Solutions, Level 2, 32 Martin Place, in
Sydney, on July 8, 2015, at 10:00 a.m.


TAGARA BUILDERS: Liquidation Puts Sub-contractor's Firm at Risk
---------------------------------------------------------------
abc.net.au reports that an Adelaide sub-contractor who says he is
owed tens of thousands of dollars by the failed Tagara building
company fears his business is at risk and he will be forced to lay
off staff.

The South Australian building company, which has about
AUD70 million worth of projects across the state, was put into
liquidation, according to abc.net.au.

The report notes that Tagara Builders Managing Director Tullio
Tagliaferri also stepped down from his position as Master Builders
Association South Australia president.

Construction, Forestry, Mining and Energy Union (CFMEU) said while
dozens of workers would be directly affected, it would put a
strain of hundreds of sub-contractors who were working on their
projects, the report relates.

One sub-contractor, who wants to remain anonymous, said he would
have to reduce his workforce from 18 to eight, but was hopeful he
would find more work for them, the report discloses.

"Look, you get a relationship with your staff and I'd like to try
and work on, if that's at all possible, because of the
relationship you have with your workers," Mr. Tagliaferri said,
the report notes.

"They've got families and responsibilities to mortgages and
payments and whatever and the way the industry is at present
there's just no work outside, they just can't get another job,"
Mr. Tagliaferri added.

The report notes that Mr. Tagliaferri said he has not been paid by
Tagara Builders for several months, and has considered leaving the
industry because of the uncertainty of working with building
companies.

"It's extremely nervous, it's like playing roulette.  There's some
builders out there that just take advantage of you if you're not
up to speed as far as the laws are concerned and they just take
money off you without any reason whatsoever and then you've got to
try and fight it," Mr. Tagliaferri said, the report relays.

"Because there's no certainties of whether or not they're going to
go through.  If they go bankrupt, we're basically finished, we get
nothing," Mr. Tagliaferri added.

                 SA Building Industry 'in Turmoil'

John Stokes from the Master Builders Association said the collapse
of Tagara Builders was a sign that the building industry was in
turmoil in South Australia, the report relays.

The report notes that Mr. Stokes said construction work in
commercial building was down 23 per cent from five years ago. He
has called on the Government to urgently stimulate the ailing
industry.

"The industry is pretty much in crisis and unfortunately what's
happened in the Tagara case is one of the sort of snapshots of
what can happen when the building industry is in crisis and
perhaps isn't getting the support it needs," Mr. Stokes said, the
report notes.

The liquidator is conducting an assessment of Tagara's current
projects, the report discloses.

CFMEU Secretary Aaron Cartledge has called for legislative reforms
to force builders to place money into trust for sub-contractors in
case their business fails, the report notes.

Mr. Cartledge said Tagara going into liquidation could leave
dozens of sub-contractors out of pocket, the report notes.

"We believe there's probably 50 or 60 sub-contractors who all
employ building workers," Mr. Cartledge said, the report relays.

"So there's hundreds of building workers affected by this and a
number of business would probably suffer financial hardship
because of the money that's outstanding," Mr. Cartledge added.


TAMWORTH REGIONAL: First Creditors' Meeting Set For July 9
----------------------------------------------------------
Scott Newton of Shaw Gidley was appointed as administrator of
Tamworth Regional Express Pty Limited on June 29, 2015.

A first meeting of the creditors of the Company will be held at
Tamworth Services Club, Russell Room, Marius Street, in Tamworth,
on July 9, 2015, at 3:00 p.m.



=========
C H I N A
=========


CHINA: Graft Probe Uncovers Falsified Revenues at Large SOEs
------------------------------------------------------------
Patti Waldmeir and Gabriel Wildau at the Financial Times report
that China's state auditor has uncovered falsified revenues and
profits in the accounts of some of the country's biggest state-
owned companies, as Beijing broadens its assault on official
corruption.

According to the FT, the National Audit Office said on June 28
that 14 state-owned groups, including well-known names such as
State Grid, China Ocean Shipping Co (Cosco) and China Southern
Power Grid, falsified nearly CNY30 billion ($4.8 billion) in
revenue and nearly CNY20 billion in profits in 2013.

The FT says the revelations came in the auditor's annual work
report summarising the results of its reviews of government
spending, as well as state-owned enterprises (SOEs).

It follows audits last year that exposed problems at China
Investment Corporation, the sovereign wealth fund, Bank of China,
the fourth-largest lender, and Agricultural Development Bank, a
policy lender, the FT relates.

The FT notes that the audit office's more aggressive stance
towards state champions is part of a huge clampdown on corruption
and misuse of public funds in areas ranging from mah-jong to top
company executives, more than 100 of which have been detained on
suspicion of corruption since the start of last year, according to
official statistics.

Last week, a separate agency, the Communist party's anti-graft
watchdog, said it would probe China Railway Corp, China Aluminum
Corp and People's Daily, the official party mouthpiece, in the
latest round of inspections at state companies, the FT recalls.

The FT relates that the state auditor blamed poor due diligence
and decision-making procedures for wasting CNY1.6 billion in
resources and CNY35 billion in "losses or idle assets". The
auditor said CNY4 billion had been recouped from the companies
involved and 250 people penalized, the FT says.

According to the report, the audit office statement said 56
serious cases had been handed over to "relevant departments",
probably a reference to prosecutors or the party's anti-corruption
commission.

Loans worth CNY17 billion from Bank of Communications, China
Development Bank and China Export and Credit Insurance had
violated rules, the auditor, as cited by the FT, said.


INTIME RETAIL: S&P Lowers CCR to 'BB-'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Intime Retail (Group) Co. Ltd. to 'BB-'from 'BB'.
The outlook is stable.  S&P affirmed the 'cnBB+' long-term Greater
China regional scale rating on the China-based department store
operator.

S&P lowered the rating because Intime's leverage has deteriorated
more than S&P's previously expected and it do not anticipate any
material improvement over the next 12 months.  The debt-to-EBITDA
ratio remained above 5.0x in 2014, driven by weaker-than-expected
profitability and the company's aggressive expansion plans.

"We expect Intime's financial leverage to remain high in the next
12 months, because of a weak retail sales environment and the
company's continued, albeit lower, capital expenditure for
expansion," said Standard & Poor's credit analyst Shalynn Teo.
"We revised our assessment of the company's financial risk profile
to 'aggressive' from 'significant,' based on the above factors."

S&P expects Intime to keep its EBITDA margin above 40%, helped by
rising sales from its new stores and efforts to improve operating
efficiency and cost control.  Its EBITDA margin deteriorated to
45.3% in 2014, from 46.4% in 2013, mainly due to higher-than-
expected operating costs.  Although S&P anticipates Intime's
profitability and cash flows to stabilize with slower expansion,
they could deteriorate over the next 12-24 months if the operating
environment turns more challenging or the company's operating
expenses increase more than S&P expects because of the opening of
new stores.

S&P has not factored in potential rating uplift from group support
because Alibaba Group Holding Ltd. currently only has 10.2% stake
in Intime.  However, Alibaba could effectively become Intime's
largest shareholder if it converts the convertible bonds it holds.
Its stake in Intime could increase to 26.7%, compared with 24.8%
for Mr. Shen Guojun, the ex-chairman of Intime.  Because that
higher stake will give Alibaba greater influence and control over
Intime, S&P will reassess the level of support and strategic
importance to Alibaba to factor in group support if conversion
happens.

Intime's geographic concentration in Zhejiang remains high and any
changes in economic conditions will affect the company's
operations.  The company has been diversifying from Zhejiang and
improving its retail mix toward shopping malls over the past few
years.  However, diversification is slow and S&P sees limited
benefits at this stage.

"The stable outlook reflects our expectation that Intime will
maintain its positive operating cash flows from its favorable
concessionaire model over the next 12-24 months.  This is despite
weak consumer sentiment, stiff competition, volatile working
capital movements from property sales, and high capital
requirements.  S&P expects the company's leverage to remain high
and cash flow adequacy to stay weak because of its high capital
expenditure needs," Ms. Teo said.

S&P may downgrade Intime if the company's operating performance
deteriorates significantly, such that its EBITDA interest coverage
declines toward 2.0x without signs of improvement.  This could
happen if: (1) the company's sales at new stores are significantly
lower than S&P currently expects; (2) adjusted EBITDA margin drops
to below 33%-35%; or (3) the company takes on more aggressive
debt-funded expansions.

S&P may raise the rating if it expects Intime's operating
efficiency, cash flow adequacy, and leverage to improve
significantly, such that its debt-to-EBITDA ratio decreases below
4.0x and EBITDA interest coverage remains above 3.0x.



=========
I N D I A
=========


A M BREWERIES: CRISIL Suspends B- Rating on INR1.16BB Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
A M Breweries Pvt Ltd (AMBPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              1,160       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
AMBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AMBPL is yet to
provide adequate information to enable CRISIL to assess AMBPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2010, AMBPL manufactures beer. The company is
promoted by Mr. Jagathratchagan and his family, and group company,
Elite Distilleries Pvt Ltd.


AA FASHION: CRISIL Suspends 'D' Rating on INR50MM Export Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
AA Fashion Wear Pvt Ltd (AFWPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     50        CRISIL D
   Long Term Loan            15.6      CRISIL D

The suspension of ratings is on account of non-cooperation by
AFWPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFWPL is yet to
provide adequate information to enable CRISIL to assess AFWPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AFWPL, based in Tirupur (Tamil Nadu), manufactures ready-made
garments and is an export-oriented unit. The company's promoter-
director, Mr. K Periyaswamy, has more than 16 years of experience
in a similar line of business. AFWPL was set up as a proprietary
firm in 2004, and was reconstituted as a private limited company
in 2010.


ADHWRYOU HOTELS: ICRA Suspends 'D' Rating on INR5.0cr LT Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR5.0 crore
long term fund based facilities of Adhwryou Hotels Private Limited
(AHPL/the Company). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Established in 2005, AHPL is promoted by Malke and Machre family
and operate 'Mapple Adhwryou' hotel in Wagholi, Pune. Company has
tie up with 'Mapple' for looking after the marketing and
management of the Hotel which is located ~8 kms from the Pune
International Airport. Hotel has a total of 52 rooms, one
restaurant with Bar and two banquet halls.


AMETHYST HOSPITALITY: CRISIL Suspends B+ Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Amethyst
Hospitality Private Limited (AHPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            45       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by AHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AHPL is yet to
provide adequate information to enable CRISIL to assess AHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AHPL, incorporated in 2007, owns a three-star hotel in Bengaluru
(Karnataka). It is part of the Davanam group of companies which
has interest in jewellery and real estate business, among others.
The hotel is expected to be fully operational from March 2014.


ARCHI BREWERIES: CRISIL Suspends B- Rating on INR200MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Archi Breweries Pvt Ltd (ABPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       200       CRISIL B-/Stable
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by ABPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABPL is yet to
provide adequate information to enable CRISIL to assess ABPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

ABPL was set up in 2002 by Mr. Ramji Prasad, Mr. Manish Kumar, Mr.
Raj Kumar Garodia, Mr. Manish Dhanuka, and Mr. Jitendra Nath
Gupta. The company is in the process of setting up a beer
manufacturing unit in Bhojpur (Bihar) with a capacity of 1.8
million cases per annum. The project cost is around INR    311.8
million, funded through debt of INR200 million and promoter
contribution of INR111.8 million. The unit is expected to start
commercial production from January 2015.


ARJUNA COTTON: ICRA Withdraws 'B' Rating on INR12.50cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating outstanding on the INR12.50
crore long term, bank facilities of Arjuna Cotton and Spinning
Mills Private Limited as the rated bank limits have reduced to
INR4.60 crore. The rating was under notice of withdrawal and is
withdrawn as the period of notice of withdrawal is complete.


ASHOK BRICKS: CRISIL Suspends B- Rating on INR25MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ashok Bricks Industries Private Limited (ABIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           60        CRISIL A4
   Cash Credit              25        CRISIL B-/Stable
   Term Loan                11.2      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
ABIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABIPL is yet to
provide adequate information to enable CRISIL to assess ABIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

ABIPL was set up as partnership firm in 1992 in Orissa by Mr.
Pramod Agarwal and his brother, Mr. Ashok Agarwal, to manufacture
red bricks, which are used in the construction industry. In 2000,
after being reconstituted as private limited company, it entered
the road construction business. ABIPL is a civil construction
contractor.


BALAJI AUTOWORLD: ICRA Lowers Rating on INR5.0cr Loan to 'C'
------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR5.00
crore fund based bank facilities of Balaji Autoworld Private
Limited to [ICRA]C from [ICRA]BB 'stable' outlook.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term, Fund Based     5.00       [ICRA]C; revised from
   Cash Credit                          [ICRA]BB (stable)

The ratings downgrade takes into account the stretched liquidity
position of the company leading to delays in meeting some of its
debt servicing obligations on instruments not rated by ICRA.

Balaji Autoworld Private Limited (BAPL), incorporated in March
2007 by Mr. Shyamsunder Jangid, is the authorised dealer for
passenger vehicles of Fiat India Private Limited (FIPL). The
company is engaged in sale of new cars, repair and servicing of
cars, sale of spare parts and accessories, and buying-refurbishing
and sale of old cars. The company has two Fiat showrooms located
in Thane and Navi Mumbai respectively. The Thane showroom-cum-
workshop commenced operations from October, 2010 while the Navi
Mumbai showroom commenced operations from September, 2013.


BALAJI INDUSTRIES: CRISIL Suspends B+ Rating on INR90MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Balaji Industries.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       90        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Balaji with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Balaji is yet to
provide adequate information to enable CRISIL to assess Balaji's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Balaji is engaged in ginning and pressing of raw cotton,
extraction of cotton seed oil and cotton seed oil cake, with
manufacturing facilities at Mehsana (Gujarat). Balaji is a
partnership firm, and was set up in 2006 with nine partners of the
Modi, Patel, and Chaudhri families. The business is managed by
Chaudary Jasubhai Mafatlal.


CHANDU AGENCIES: CRISIL Suspends 'B' Rating on INR85MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Chandu
Agencies (CA).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              85        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by CA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CA is yet to
provide adequate information to enable CRISIL to assess CA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CA was set up as a partnership firm in 1978. The firm is owned
equally by the Borana and Singhal families. It was the primary
distributor of HUL for the latter's fast-moving consumer goods in
Nagpur. However, the distributorship was discontinued in December
2013.


CHHATTISGARH FERRO: ICRA Assigns B+ Rating to INR5.5cr Cash Loan
----------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR1.50 crore term
loan and INR5.50 crore fund-based bank limits (cash credit) of
Chhattisgarh Ferro Trades Pvt. Ltd. ICRA has also assigned an
[ICRA]A4 rating to the INR3.00 crore non-fund based bank
facilities of CFTPL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loan                1.50      [ICRA]B+; assigned

   Fund-Based Limits
   (Cash Credit)            5.50      [ICRA]B+; assigned

   Non-Fund Based Limits    3.00      [ICRA]A4; assigned

The assigned ratings take into account the long track record of
the company in the steel business and CFTPL's partially integrated
nature of operations, which provides cost competiveness to its
operations to an extent. The rating is, however, constrained by
the relatively small size of CFTPL's operations with nominal
profits and cash accruals, and its high gearing, although the same
has shown a declining trend in the last two years. The ratings are
also impacted by the project execution risk associated with the
proposed installation of continuous casting machine (CCM) by
CFTPL. ICRA believes, if the proposed project is funded by fresh
term loan, it would adversely impact CFTPL's capital structure and
liquidity position in the short to medium term. Additionally,
CFTPL's exposure to the cyclicality associated with the steel
industry is likely to keep its profitability and cash flows
volatile going forward.

CFTPL, a closely held company was set up in 2009 by the Raipur
based Dhuppad family. The company is headed by Mr. Manish Dhuppad
and supported by its director, Mrs. Komal Dhuppad. The plant of
the company is located at Industrial Area, Urla (Gondwara), Raipur
(Chhattisgarh). CFTPL has facilities for manufacturing MS ingots
and steel structurals with an annual capacity of 30,000 MT and
15,000 MT per annum respectively.

Recent Results
In 2013-14, as per the audited financial statements, CFTPL
reported an operating income of INR43.03 crore and a net profit of
INR0.04 crore, as against an operating income of INR42.58 crore
and a net profit of INR0.03 crore in 2012-13. During 2014-15, as
per the provisional estimates, the company reported an operating
income of INR44.00 crore and a profit before tax of INR0.17 crore.


DHINGRA EXPORTS: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B to the
INR10.00 crore (enhanced from INR8.00 crore to INR10.00 crore)
fund based bank facilities of Dhingra Exports.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund Based
   Limits                  10.00        [ICRA]B; reaffirmed

The reaffirmation of the ratings continues to be constrained by
DE's relatively modest scale of operation and highly competitive
and fragmented nature of the rice industry. The rating is also
constrained by high working capital utilization on account of high
levels of inventory of rice maintained. The rating also takes into
account exposure of DE to foreign exchange fluctuations in the
absence of a firm hedging policy. Single customer concentration
also constrains the rating, as reduction in orders from even a
single customer will affect the scale of operations of DE. The
ratings however, favorably take into account extensive experience
of promoters with long standing relationships with customers and
suppliers, long track record of operations of the firm and the
favorable location of the mill in the state of Haryana which is a
major rice growing area.

Dhingra Exports (DE) is a partnership firm which was set up by Mr.
Narinder Dhingra, Mr. Ram Ditta Mal Dhingra and Mr. Shankar
Dhingra. The firm is engaged in the business of milling and
processing of basmati rice and has an installed milling and
sorting capacity of 60 tons/day. The firm's plant is located in
Pipli district (Kurukshetra), Haryana.

Recent Results
For FY2014, DE reported a Profit After Tax (PAT) of INR0.12 crore
on an Operating Income (OI) of INR46.94 crore, as compared to a
PAT of INR0.07 crore on an OI of INR25.90 crore in the previous
year. For FY2015, the company, on a provisional basis, reported a
PAT of 0.41 crore on an OI of 48.42 crore.


G.P TRONICS: CRISIL Suspends B+ Rating on INR67.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G.P Tronics Pvt Ltd (GP Tronics).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4
   Cash Credit              67.5      CRISIL B+/Stable
   Letter of Credit         20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        2.5      CRISIL B+/Stable
   Standby Line of Credit   10        CRISIL B+/Stable
   Term Loan                25        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by GP
Tronics with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GP Tronics is
yet to provide adequate information to enable CRISIL to assess GP
Tronics's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1978 as a partnership firm, GP Tronics was
reconstituted as a private limited company in 2004. The company
deals in energy-related products, such as uninterruptible power
supply (UPS) systems and, solar power conditioning units (PCUs);
it also has a manufacturing unit of PCUs in Kolkata, West Bengal.


GHUBAYA EDUCATIONAL: CRISIL Suspends D Rating on INR99.1MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ghubaya Educational Society (GES).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               99.1       CRISIL D

The suspension of rating is on account of non-cooperation by GES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GES is yet to
provide adequate information to enable CRISIL to assess GES's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

GES was set up in 2008 by Mr. Sher Singh Ghubaya and his family.
The society is managed by its chairman, Ms. Krishna Rani, and
general secretary, Mr. Virendra Singh (son of Mr. Sher Singh
Ghubaya). The society has set up an engineering institute named
the Ghubaya College of Engineering & Technology (GCET), at Sukhera
Bodla of Jalalabad in Fazilka (Punjab). Besides engineering
courses, the college has started conducting science courses
(except Biology) for Classes 11 and 12 (Maths, Physics and
Chemistry), and a diploma courses in Mechanical and Computer
Science.


GODAWRI MOTORS: CRISIL Suspends 'B' Rating on INR72.5MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Godawri
Motors Pvt Ltd (GMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      87.5       CRISIL A4

   Proposed Long Term
   Bank Loan Facility      72.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by GMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GMPL is yet to
provide adequate information to enable CRISIL to assess GMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

GMPL, incorporated in 1998, is engaged in the dealership of HMIL.
The company has its showroom in Ludhiana and Moga (both in
Punjab). It is promoted by Mr. Asheem Suri, Mr. Naveen Kumar, Mr.
Gopal Sood, and Ms. Rashi Sood.


H.R. RICE: CRISIL Suspends 'D' Rating on INR340MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
H.R. Rice Industries Private Limited (HRRIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              340       CRISIL D

   Proposed Long Term
   Bank Loan Facility         4       CRISIL D

   Term Loan                  6       CRISIL D

The suspension of ratings is on account of non-cooperation by
HRRIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HRRIPL is yet to
provide adequate information to enable CRISIL to assess HRRIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

HRRIPL, initially established as a proprietorship concern in 1987
by Mr. Sudarshan Verma, was reconstituted as a private limited
company in 2011. It is engaged in the milling and trading of non-
basmati rice.


HUTCH INDIA: ICRA Assigns B+ Rating to INR7cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR12.00
crore fund-based bank facilities of Hutch India Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based Term Loan      5.00       [ICRA]B+ assigned
   Fund based Cash Credit    7.00       [ICRA]B+ assigned

The rating is constrained by Hutch India Private Limited's (HIPL)
limited track record of operations and highly geared capital
structure on account of high reliance on external funding and weak
net worth; although, ~30% of the total loans are interest free
unsecured loans. ICRA also notes that the profitability of the
company is susceptible to volatile prices of steel and zinc and
the company's limited bargaining power against established raw
material suppliers. Besides, fragmented nature of the industry and
intense price based competition exerts pressure on margins of the
company.

The rating, however, favorably takes into account long standing
experience of the promoters in the steel pipe manufacturing
business, locational advantage in terms of proximity to raw
material availability and customers and steady ramp up in the
first year of operations.

Incorporated in 2003, Hutch India Private Limited is engaged in
manufacture of ERW black and hot dipped galvanized steel pipes.
The registered office is located in Hisar, Haryana and
manufacturing facility in Surat, Gujarat. The company commenced
full-fledged manufacturing operations from June 2014. The company
is an ISO 9001:2008 accredited company and certified by Bureau of
Indian Standards. At present, the installed capacity of the
company is 12000MTPA.


KARUTURI CERAMICS: CRISIL Suspends D Rating on INR231.9MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Karuturi Ceramics Private Limited (KCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             8.1        CRISIL D
   Long Term Loan        231.9        CRISIL D

The suspension of ratings is on account of non-cooperation by KCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KCPL is yet to
provide adequate information to enable CRISIL to assess KCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

KCPL, incorporated in 2010, was promoted by Mr. Karuturi Surya Rao
and his wife, Ms. Karuturi Yashodha. The company was promoted to
set up a tile manufacturing facility in Andhra Pradesh. The
manufacturing facility will include two tile manufacturing plants-
one unit will produce ceramic tiles (6500 sq mt per day) while the
other will produce artificial quartz tiles (500 sq mt per day).


KASHI KANCHAN: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kashi Kanchan Pvt Ltd
(KKPL) continue to reflect KKPL's modest, though improving, scale
of operations in a fragmented industry and its large working
capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4 (Reaffirmed)
   Cash Credit           150        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's average financial risk
profile, marked by a small net worth, high gearing, and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of KKPL's promoters in the
civil construction industry and the company's increasing turnover.
Outlook: Stable

CRISIL believes that KKPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
the company generates substantial accruals and improves its
working capital management, thus strengthening its liquidity.
Conversely, the outlook may be revised to 'Negative' if KKPL's
liquidity weakens, most likely due to a stretch in its receivables
cycle or inventory pile-up, or large debt-funded capital
expenditure.

Update
KKPL registered healthy growth of around 40 per cent in its
operating revenue to INR396 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR294 million in 2013-
14, driven by faster realisation from government projects and
rapid movement of projects which were earlier stuck. KKPL reported
a profit after tax of INR13.0 million for 2014-15 against INR9.9
million for 2013-14. The company had an outstanding order book of
around INR    1364 million as on March 31, 2015, which is around
3.7 times its operating income for 2014-15 and provides adequate
revenue visibility over the near term. KKPL's operating
profitability and return on capital employed remained healthy, at
11 per cent and 23 per cent, respectively, in 2014-15, supported
by better project management, promoters' expertise, and its low
fixed-capital model of business.

KKPL's operations remain highly working capital intensive, with
gross current assets of 162 days as on March 31, 2015, driven by
inventory of 118 days. The company maintains large raw material
inventory for order execution over three to four months to fix its
raw material cost against the bidding price for orders.
Furthermore, it buys in bulk to avail discounts; this leads to
increased inventory. However, its working capital cycle has
improved significantly over the past two years due to unwinding of
projects in Bhubaneswar and faster realisation of funds from
government entities.

The company's financial risk profile remains average, with
moderate gearing of 1.9 times as on March 31, 2015. Its debt
protection metrics are adequate, with interest coverage and net
cash accruals to total debt ratios estimated at 2.29 times and
0.12 times, respectively, for 2014-15.

KKPL was originally set up as a partnership concern in 1974 by Mr.
Surendra Kumar Padhi and Mr. Abhimanyu Padhi; the firm was
reconstituted as a private limited company in 2005. KKPL
undertakes civil construction activities involving road, drainage,
and building construction, primarily in Odisha.


LEAPFROG ENGINEERING: CRISIL Suspends B+ Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Leapfrog Engineering Services Private Limited (LESPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4
   Overdraft Facility       40        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
LESPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LESPL is yet to
provide adequate information to enable CRISIL to assess LESPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

LESPL, based in Bengaluru (Karnataka), was originally established
as a partnership firm by Mr. Prabhav Rao and his wife, Mrs.
Priyashaila Rao in 2003; the firm was reconstituted as a private
limited company in 2005. LESPL undertakes engineering, procurement
and construction (EPC) contracts for electrical systems.


LINKSON INTERNATIONAL: CRISIL Suspends D Rating on INR375MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Linkson International Ltd (LIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             375        CRISIL D
   Letter of credit &
   Bank Guarantee          200        CRISIL D
   Long Term Loan          103.8      CRISIL D
   Proposed Long Term
   Bank Loan Facility       46.2      CRISIL D

The suspension of ratings is on account of non-cooperation by LIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LIL is yet to
provide adequate information to enable CRISIL to assess LIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

LIL, set up in 1984 by Mr. Yashwant Sangla, is engaged in coal
trading and also undertakes fabrication and galvanisation of steel
at its unit in Nagpur (Maharashtra).


MDC PHARMACEUTICALS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MDC
Pharmaceuticals Private Limited (MDC) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The agency has also assigned
MDC's INR80m fund-based limits Long-Term 'IND BB+/Stable' and
Short-Term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect MDC's small scale of operations and low cash
generation on a long working capital cycle. FY15 unaudited
financial statements indicate revenue of INR410 million (FY14:
INR359m) while net working capital cycle was unchanged at 160
days. The company reported positive operating cash during the last
three years (FY13-FY15) though the cumulative amount was a meagre
INR12 million.

The ratings consider MDC's moderate credit metrics with financial
leverage (adjusted debt/operating EBITDAR) of 2.9x in FY15
(unaudited) (FY14: 2.5x) and EBITDA interest coverage of 2.6x
(2.9x). The ratings also factor in the company's comfortable
liquidity position as reflected in its 72.99% average working
capital utilisation during the 12 months ended April 2015.

The ratings are supported by over two decades of experience of the
company's promoters in the pharmaceuticals manufacturing industry.

RATING SENSITIVITIES

Negative: Deterioration in the overall credit metrics will be
negative for the ratings.

Positive: A significant increase in the top line while the credit
profile being maintained at will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1994, Chandigarh-based MDC is engaged in the
development and production of generic pharmaceutical formulations
as well as of active pharmaceutical ingredients. The company has
two manufacturing units at Solan and Baddi in Himachal Pradesh.
FY15 operating margins are likely to remain at around the FY14
levels.


NIKKI STEELS: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Nikki Steels Pvt Ltd (NSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by NSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NSPL is yet to
provide adequate information to enable CRISIL to assess NSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

NSPL, set up in 2006, is promoted by Mr. Neeraj Gupta, Mr. Sharad
Gupta, and Mr. Dilip Gupta. The Ghaziabad (UP)-based company
trades in iron and steel products.


NIRMAN INDUSTRIES: CRISIL Suspends D Rating on INR330MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nirman
Industries Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL D
   Cash Credit             130        CRISIL D
   Letter of Credit        100        CRISIL D
   Proposed Long Term
   Bank Loan Facility       15        CRISIL D
   Term Loan               330        CRISIL D

The suspension of ratings is on account of non-cooperation by
Nirman Industries with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL,
Nirman Industries is yet to provide adequate information to enable
CRISIL to assess Nirman Industries's ability to service its debt.
The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
Availability Risk in Credit Ratings'

Nirman Industries was incorporated in Surat (Gujarat) in 2009. The
company is promoted by Mr. Dhamesh Kumar P Ukani, Mr.
Parsottambhai N Ukani, Mrs. Vidhyaben D Ukani, and Mrs. Manjulaben
P Ukani. Nirman Industries has set up a plant to manufacture fully
drawn yarn. The company commenced commercial operations in
February 2012.


QUICK ACT: CRISIL Reaffirms B+ Rating on INR110MM Channel Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Quick Act Light Systems
and Cables Pvt Ltd continues to reflect Quick Act's below-average
financial risk profile, marked by a high total outside liabilities
to tangible net worth ratio, small scale of operations, and large
working capital requirements.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            38.5     CRISIL B+/Stable (Reaffirmed)

   Channel Financing     110.0     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.5     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of Quick Act's promoters in the dealership and
distribution business and the company's established relationship
with principals and customers.
Outlook: Stable

CRISIL believes that Quick Act will continue to benefit over the
medium term from its promoters' extensive experience in the
dealership and distribution business. The outlook may be revised
to 'Positive' if the company's scale of operations increases
significantly, along with improvement in its financial risk
profile, on account of increase in its cash accruals or
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if Quick Act's financial risk profile,
particularly its liquidity, deteriorates due to substantial
increase in its working capital requirements or lower than
expected profitability, leading to low cash accruals.

Quick Act was setup in 2012 with Mr. Dinesh K Pherwani and his
wife, Mrs. Varsha K Pherwani, as directors. The company
distributes products such as power cables and switchgears as well
as electric bulbs and industrial pipe fittings. The promoters'
family has been in the cable trading business in Pune
(Maharashtra) since 1983 through their firm Quick Act Light Cable
Trading Company which is a proprietary concern of Mr. Dinesh K
Pherwani.


SAI VENKATESHWARA: ICRA Reaffirms B+ Rating on INR6.28cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR6.28 crore (revised from INR5.47 crore) fund based limits
and the Rs 5.97 crore (revised from Rs 6.78 crore) unallocated
limits of Sai Venkateshwara Rice Industries.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        6.28       [ICRA]B+/Re-affirmed
   Unallocated Limits       5.97       [ICRA]B+/Re-affirmed

The rating re-affirmation factors in the intensely competitive
nature of the rice industry in Andhra Pradesh, with the presence
of several small-scale players that increases pressure on
operating margins; while government policy restrictions in the
segment limit sales in the open market. The rating also factors in
SVRI small scale of current operation with consistent decline in
profitability on account of higher raw material cost and
fluctuation in export sales. Furthermore, the rating is
constrained by the susceptibility of profitability and revenues to
agro-climatic risks that impact the availability of paddy in
adverse weather conditions.

The rating, however, takes comfort from the long track record of
the firm's promoters in the rice mill business. The favorable
demand prospect for rice is also a comfort, with India being the
second largest producer and consumer of rice internationally.
Going forward, the firm's ability to strengthen its financial
profile by achieving revenue growth and improving profitability
levels will remain the key rating sensitivity.

Founded in 2011 as a partnership firm, Sai Venkateshwara Rice
Industries is engaged in the milling of paddy, and produces raw
rice as well as boiled rice. The rice mill is located at the
Anisetty Duppalapalli Village of Nalgonda District in Andhra
Pradesh. The installed production capacity of the rice mill is six
tons per hour.

Recent Results
For FY2015 (Unaudited & Provisional), the firm reported profit
after tax of INR0.14 crore on operating income of INR35.74 crore
as against profit after tax of INR0.10 crore on operating income
of INR33.16 crore in FY2014(audited).


SAMAGRA SHIKSHANA: ICRA Ups Rating on INR17.52cr Term Loan to B
---------------------------------------------------------------
ICRA has upgraded the rating on the INR17.52 crore term loan
facility of Samagra Shikshana Samithi Trust (SSST) to [ICRA]B from
[ICRA]C.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan              17.52       [ICRA]B; upgraded from
                                      [ICRA]C

The revision in the rating factors in the satisfactory revenue
growth during FY 2015 owing to the new admissions to the
management courses which led to an occupancy levels of 90% and
resulted in positive net surplus during the year. The rating
continue to positively factor in the long established experience
of the trustees in the education sector and various accreditations
that led to increase in the admissions in its management college.
The rating is however constrained by the moderate size of the
trust's operations and leverage capital structure characterized by
high gearing of 4.36 times as on 31st March 2015; however part of
debt is secured by fixed deposits. The rating also takes note of
the risk of cash flow mismatch during the year with different fee
collection frequency for each institute poses risk of short-term
liquidity mismatches and exposure of the revenues to demand
cyclicality and high competition from other institutes. Further,
the rating considers the high regulatory intensity of the
educational sector and exposure of the trust to the same due to
its affiliation to multiple universities.

Established in 1996, SSST set up its first college in 1997-98 in
Bangalore by the name Acharya Institute of Health Sciences with an
intake of 25 students for the Bachelor of Physiotherapy programme.
Major educational institutes run by the trust include Acharya's
Bangalore B-School (ABBS), Acharya Institute of Health Sciences
(AIHS), Acharya College of Nursing and Acharya Academy of
Management Studies. The colleges provide courses in Management,
Science, Biotech, Nursing etc and are affiliated to Bangalore
University, Bangalore and Bharathiar University, Coimbatore apart
from an autonomous Post Graduate Diploma course in management. The
trust has also commenced ABBS Pre-University college during FY
2015.

Recent Results
As per FY 2015 unaudited provisional's; the trust reported an
operating income of INR16.25 crore and net surplus of INR1.27
crore as against operating income of INR14.43 crore and net
deficit of INR0.70 crore for FY 2014.


SHAKUMBARI AUTOMOBILES: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shakumbari
Automobiles Private Limited's (SAPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB (suspended)' on the agency's
website. The agency has also migrated the 'IND BB' rating on the
company's INR200m fund-based limits to 'IND BB (suspended)'.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for SAPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


SHREE GOVIND: CRISIL Suspends B- Rating on INR25MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Govind Sheetgrah Pvt Ltd (SGSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            21        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     14        CRISIL B-/Stable

   Term Loan              25        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SGSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGSPL is yet to
provide adequate information to enable CRISIL to assess SGSPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SGSPL, incorporated in 2008, operates a cold-storage unit
(primarily for storing potatoes) in Agra, Uttar Pradesh. The cold
storage unit has capacity for 0.225 million packages (each pack is
of 50 kilograms). It also provides funding to the farmers against
potatoes stored, which, in turn, is refinanced by banks. The
farmers store potatoes from January to April and start withdrawing
the same from around June.


SHREE HARI: CRISIL Suspends 'B' Rating on INR150MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Hari Spintex Ltd (SHSL).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           6.4       CRISIL A4
   Cash Credit            115.0       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       1.1       CRISIL B/Stable
   Rupee Term Loan        150.0       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SHSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHSL is yet to
provide adequate information to enable CRISIL to assess SHSL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SHSL, promoted by Mr. Rakesh Kumar, began operations in 2007-08,
with 2008-09 being its first full year of commercial production.
The company manufactures cotton yarn (between 16 and 34 counts) at
its facility in Bhatinda (Punjab).


SHREE RAM: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR5.00 crore cash
credit facility of Shree Ram Pulse Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5.00        [ICRA]B reaffirmed

The rating reaffirmation takes into account the relatively small
scale of operations of the entity and its weak financial profile
characterised by thin profitability, weak coverage indicators and
high gearing. The rating is further constrained by the
vulnerability of the entity's profitability to agro-climatic
risks, the inherently low value additive nature of the pulse
processing business which also has high fragmentation and
competitive pressures. ICRA further notes the risks inherent in
partnership form of business.

The rating however continues to positively consider the long
experience of the promoters in pulse processing industry and the
favourable outlook for the entity's products in the domestic
market.

Shree Ram Pulse Mills (SRPM), established in 2003 is engaged in
trading and processing of tuvar dal, black gram pulse (urad dal)
and gram pulse (chana dal). The firm is promoted by Mr. Dhruv
Parekh who holds long experience in pulse processing industry.
SRPM's plant is located at Gondal in Rajkot district of Gujarat
and currently has a combined capacity to produce 9,000 MTPA of
split pigeon peas (tuver dal), black gram and gram pulse. The
company markets its black gram (Udad dal) under "Rose brand" and
"Om Brand", tuver dal under "Gulab" brand wheras gram pulse
(chana) under 'VIP', 'Shakti', and 'Jumbo' to differentiate among
various grades produced by it.

Recent Results
For the year ended 31st March 2014, SRPM has reported operating
income of INR32.05 crore and profit after tax (PAT) of INR0.04
crore as against operating income of INR36.69 crore and PAT of
INR0.11 crore for the year ended 31st March 2013. Further during
FY 15 (provisional financials), entity has reported an operating
income of INR30.60 crore and profit before tax of 0.11 crore.


SHREE SITA: ICRA Suspends B+ Rating on INR9.50cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR0.85
crore term loan and INR9.50 crore fund based limits and [ICRA]A4
rating assigned to the INR1.50 crore non-fund based limit of Shree
Sita Agro Foods Private Limited. The entire non-fund based limit
is the sub-limit of the fund based limits. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SHREE SITA UDYOG: ICRA Suspends B+ Rating on INR4.0cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.50
crore term loan and INR4.00 crore fund based limits of Shree Sita
Udyog. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.


SHREE SANYEEJI: CRISIL Cuts Rating on INR440MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shree Sanyeeji Rolling Mills (SSRM) to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            440       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Term Loan     209.5     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Rupee Term Loan        150.5     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay of around 10 to
12 days in SSRM's repayment of interest on its cash credit account
and principal on its term loan.

SSRM has a modest financial risk profile, marked by weak debt
protection metrics and high gearing, and weak liquidity on account
of working capital intensive operations. These rating weaknesses
are partially offset by the extensive experience of SSRM's
promoters in the steel products manufacturing and trading
business, and their funding support.

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures thermo-
mechanically treated (TMT) bars at its unit in Guwahati (Assam).


SHREEJI AUTOWORLD: ICRA Lowers Rating on INR10cr Cash Loan to 'C'
-----------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR10.00
crore fund based bank facilities of Shreeji Autoworld Private
Limited to [ICRA]C from [ICRA]BB+ 'stable' outlook.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term, Fund Based    10.00       [ICRA]C; revised from
   Cash Credit                          [ICRA]BB+ (stable)

The ratings downgrade takes into account the stretched liquidity
position of the company leading to delays in meeting some of its
debt servicing obligations on instruments not rated by ICRA.

Shreeji Autoworld Private Limited (SAPL), incorporated in December
2009 by Mr. Shyamsunder Jangid, is the authorised dealer for
passenger vehicles of Ford India Private Limited (FIPL). The
company is engaged in sale of new cars, repair and servicing of
cars, sale of spare parts and accessories, and buying-refurbishing
and sale of old cars. The company has one showroom-cum-workshop
located in Thane city, which commenced operations from October,
2010. It also has another workshop located in Thane, also set up
in October 2010.


SHRI AMBA: CRISIL Suspends 'D' Rating on INR33.4MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Amba Rice Pvt. Ltd (SARPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          12.5       CRISIL D
   Cash Credit             33.4       CRISIL D
   Proposed Long Term
   Bank Loan Facility      29.9       CRISIL D
   Term Loan               24.2       CRISIL D

The suspension of ratings is on account of non-cooperation by
SARPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SARPL is yet to
provide adequate information to enable CRISIL to assess SARPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2010, SARPL is engaged in milling of non-basmati
rice. Its manufacturing facility is located at Durg
(Chhattisgarh). SARPL's day-to-day operations are managed by its
director, Mr. Abhishek Sharma.


SHUKAN ORCHID: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shukan Orchid Infrastructure (Shukan Orchid; part of the Shukan
group). The suspension of ratings is on account of non-cooperation
by Shukan Orchid with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL,
Shukan Orchid is yet to provide adequate information to enable
CRISIL to assess Shukan Orchid's ability to service its debt.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             130        CRISIL D

The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
Availability Risk in Credit Ratings'

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Orchid, Shukan Heights
Corporation (Shukan Heights), Shukan Sky Corporation (Shukan Sky),
Shukan Gold Developers (Shukan Gold), Shukan Glory (Shukan Glory),
and Shukan Palace Infrastructure (Shukan Palace). This is because
the above-mentioned entities have a common management team,
promoter group (mainly from the Patel family of Ahmedabad
[Gujarat]), and brand, along with cash flow fungibility. The
entities are together referred to as the Shukan group.

Shukan Orchid was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.


SHUKAN GLORY: CRISIL Suspends 'D' Rating on INR100MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shukan
Glory Developers (Shukan Glory; part of the Shukan group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               100        CRISIL D

The suspension of ratings is on account of non-cooperation by
Shukan Glory with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Shukan
Glory is yet to provide adequate information to enable CRISIL to
assess Shukan Glory's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Glory, Shukan Heights Corporation
(Shukan Heights), Shukan Sky Corporation (Shukan Sky), Shukan Gold
Developers (Shukan Gold), Shukan Orchid Infrastructure (Shukan
Orchid), and Shukan Palace Infrastructure (Shukan Palace). This is
because the above-mentioned entities have a common management
team, promoter group (mainly from the Patel family of Ahmedabad
[Gujarat]), and brand, along with cash flow fungibility. The
entities are together referred to as the Shukan group.

Shukan Glory was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.


SILVER SPRING: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Silver Spring Spinners India Pvt Ltd (SSSPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term       32.5      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Rupee Term Loan          32.5      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that SSSPL's
liquidity will remain weak over the medium term, marked by tightly
matched cash accruals with debt obligations and by high dependence
on bank debt for meeting its working capital requirements. The
cash accruals are expected at around INR7.0 million in 2015-16
(refers to financial year, April 1 to March 31) against maturing
debt of about INR5.4 million. CRISIL believes that SSSPL's
liquidity will remain constrained over the medium term by its
large working capital requirements.

The rating reflects SSSPL's modest scale of operations in the
intensely competitive textile industry and the susceptibility of
its margins to volatility in raw material prices. The ratings also
factors in the company's below-average financial risk profile
marked by weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the spinning industry.
Outlook: Stable

CRISIL believes that SSSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and profitability
leading to substantial improvement in its cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of further weakening of company's liquidity resulting from
low cash accruals or large working capital requirements or debt-
funded capital expenditure.

SSSPL was incorporated in 1997 in Virudhunagar (Tamil Nadu). The
company manufactures cotton yarn. It is managed by Mr. Sridhar and
Ms. Menaka.


SINGH CYCLE: CRISIL Suspends B+ Rating on INR65MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Singh Cycle and Motor Co. (SCMC).

                               Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Inventory Funding Facility     50       CRISIL B+/Stable

   Proposed Long Term Bank
   Loan Facility                  65       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SCMC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCMC is yet to
provide adequate information to enable CRISIL to assess SCMC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1955, Singh Cycle and Motor Co. is promoted by Mr.
Palvinder Singh Bedi based in Pune (Maharashtra). The firm is
having automobile dealership of Chevrolet range of vehicles and
Hero Motorcorp Ltd (HML) for two wheelers (rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+'). The firm has two showrooms of HML,
two of Chevrolet and a specialized workshop across Pune.


SOUTH GLASS: CRISIL Suspends 'B' Rating on INR110MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
South Glass Pvt Ltd (SGPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash Credit
   Limit                     60       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       110       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SGPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGPL is yet to
provide adequate information to enable CRISIL to assess SGPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SGPL was incorporated in 2006 by Mr. Shailesh Kumar Gupta and
Mr.Kapil Gupta. The company is currently setting up a laminated
and toughened glass manufacturing plant in Mehaboobnagar district
(Andhra Pradesh). SGPL will begin commercial operations in April
2014.


SRI GANESH: CRISIL Assigns B- Rating to INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable/CRISIL A4' ratings to the
bank facilities of Sri Ganesh Rice Mills - Taraori (SGR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                15        CRISIL B-/Stable
   Proposed Cash Credit
   Limit                    25        CRISIL B-/Stable
   Cash Credit              50        CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee            5        CRISIL A4

The ratings reflect SGR's below-average risk profile, marked by a
high total outside liabilities to tangible net worth ratio and
weak debt protection metrics. The ratings also factor in the slump
in basmati rice exports from India following the ban on import by
Iran, and the decline in prices. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the rice industry, and the gradual ramp up in its
scale of operations.
Outlook: Stable

CRISIL believes SGR will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm ramps up its scale of
operations, leading to a substantial increase in its revenue and
profitability, or in case of significant infusion of capital into
the firm resulting in an improved capital structure. Conversely,
the outlook may be revised to 'Negative' if SGR's capital
structure weakens or if its cash accruals are low, resulting in
deterioration in its financial risk profile.

SGR was established as a partnership firm by Mr. Vinod Kumar and
Mrs. Lalita Devi in 2012 in Taraori (Haryana). The firm mills and
sorts basmati rice for sales in the domestic and export markets.

SGR reported a profit after tax (PAT) of INR0.3 million on net
sales of INR157.1 million for 2013-14 (refers to financial year,
April 1 to March 31). On a provisional basis, it is estimated to
report gross sales of INR164 million for 2014-15.


ST. LAWRENCE: CRISIL Reaffirms 'B' Rating on INR75.5MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of St. Lawrence
Educational and Charitable Trust (SLECT) continues to reflect
SLECT's modest scale of operations, geographical concentration in
its revenue profile, and its vulnerability to regulatory risks
associated with the education sector.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      75.5      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               54.5      CRISIL B/Stable (Reaffirmed)

The rating also factors in the trust's stretched liquidity, marked
by modest cash accruals that are tightly matched with its debt
obligations. These rating weaknesses are partially offset by
SLECT's extensive track record in, and healthy demand prospects
for, the education sector, and the trust's comfortable gearing.
Outlook: Stable

CRISIL believes that SLECT will continue to benefit over the
medium term from its extensive presence in the secondary and
higher education segment in Maharashtra. The outlook may be
revised to 'Positive' if the trust records sizeable operating
income and profitability, largely by ramping up operations at its
school in Kalyan (Maharashtra), resulting in improved cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the trust's financial risk profile, particularly its liquidity,
weakens with significantly low operating income and profitability
or considerable debt-funded capital expenditure.

Update
In 2014-15 (refers to financial year, April 1 to March 31),
SLECT's revenue increased to around INR50 million from INR38
million in the previous year, mainly because of increase in
capacity of the school's Kalyan branch and increase in fees at the
Thane (Maharashtra) branch. The number of students enrolled at the
Kalyan branch increased to 325 in 2014-15 from 125 in the previous
year. At the Thane branch, while the number of students remained
at about 2700, the average fees per student increased by about 15
per cent in 2014-15 over the previous year. The increase in number
of students and increase in fees resulted in an increase in the
trust's operating margin to about 20 per cent in 2014-15 from 16
per cent in the previous year. With further increase expected in
the number of students at the Kalyan branch, SLECT's revenue and
profitability are expected to increase over the medium term.

SLECT's financial risk profile remains moderate, with modest
corpus of INR70 million and low gearing of 0.6 times as on March
31, 2015, and interest coverage ratio of 1.6 times and net cash
accruals to total debt ratio of 0.09 times for 2014-15. The
trust's liquidity remains weak, with cash accruals tightly
matching term loan obligations. SLECT is likely to generate cash
accruals of around INR7 million in 2015-16 against term loan
obligation of INR6 million. The trust receives fees on monthly or
quarterly basis and has quarterly debt obligations, which reduces
the risk of cash flow mismatch. SLECT's trustee infused capital of
around INR2.5 million in 2014-15 which supported timely servicing
of debt. In case of shortfall in cash accruals to meet debt
obligations, timely support from trustees will remain a key rating
sensitivity factor.

SLECT was established in 1989 and operates two schools, one each
in Thane and Kalyan. The trust established St. Lawrence High
School and Junior College in Thane in 1990, affiliated to the
Mumbai Divisional Board of Secondary & Higher Secondary Education.
SLECT's school in Kalyan, St. Lawrence International School,
affiliated to the Central Board for Secondary Education (CBSE),
was launched in 2014.


TARA CHAND: ICRA Upgrades Rating on INR40cr Loan From B+
--------------------------------------------------------
ICRA has revised its long term rating on the INR40.00 crore
fund based bank facilities of Tara Chand Rice Mills Private
Limited to [ICRA]BB- from [ICRA]B+. The outlook on the long term
rating is 'Stable'.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits       40.00       [ICRA]BB- Stable; revised
                                       from [ICRA]B+

The rating revision is driven by the robust growth in TCRM's
operating income led by volume growth, as the company has recently
enhanced its milling capacity. The rating revision also takes into
account the improvement in the company's financial risk profile
marked by improvement in cash accruals, which provides increased
cushion against debt repayment obligations, and significant
financial support received from the promoters through infusion of
equity as well as unsecured loans in FY15 (the long term unsecured
loans from promoters stood at INR62.61 crore as on March 31,
2015).The rating continues to factor in the extensive experience
of the promoters in the rice industry and the proximity of the
mill to major rice growing areas, which results in easy
availability of paddy. However, the rating continues to be
constrained on account of the company's high gearing, weak debt
coverage indicators and stretched liquidity as reflected in the
high utilization of the bank limits. ICRA also takes note of the
high intensity of competition in the industry, which has led to
pressures on profitability. The rating also factors in agro
climatic risks which can affect the availability of paddy in
adverse conditions.

Going forward the ability of the company to maintain healthy
growth in revenues and profitability while maintaining a prudent
capital structure and an optimum working capital cycle, will be
the key rating sensitivities.

TCRM took over Tara Chand Rice Mills on September 05, 2013, along
with all its assets and liabilities as on September 4, 2013. The
company is primarily engaged in milling of basmati rice. TCRM's
milling unit is based in Nissing, Karnal, Haryana and is in close
proximity to the local grain market. The company also exports rice
to countries like Saudi Arabia and Dubai.

Recent Results
TCRM reported a Profit After Tax (PAT) of INR0.59 crore on an
operating income of INR193.37 crore in FY14, as against a PAT of
INR0.51 crore on an operating income of INR146.87 crore in the
previous year. For FY15, on a provisional basis, the company
reported an operating income of ~INR350 crore.


TAURUS FLEXIBLES: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Taurus Flexibles
Private Limited's (TFPL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for TFPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

TFPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'

-- INR103.0m long-term loans: migrated to 'IND BB-(suspended)'
    from 'IND BB-'

-- INR580.0m fund-based limits: migrated to 'IND BB-
    (suspended)'/'IND A4+(suspended)' from 'IND BB-'/'IND A4+'


TOUCHSTONE PVT: CRISIL Reaffirms B+ Rating on INR32MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Touchstone Pvt Ltd (TPL) and reaffirmed its rating on
the company's long-term bank facilities at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           32        CRISIL B+/Stable (Reaffirmed)

The ratings reflect TPL's modest scale of operations in the
intensely competitive construction industry and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of TPL's promoters.
Outlook: Stable

CRISIL believes that TPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations substantially while improving its margins and working
capital management. Conversely, the outlook may be revised to
'Negative' in case of sharp decline in the company's revenue and
profitability, lengthening of its working capital cycle, or any
large debt-funded capital expenditure, weakening its financial
risk profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31), TPL
is likely to report turnover of INR190.0 million, up from INR96.7
million for 2013-14 driven by a large order executed in 2014-15.
The company is likely to generate operating income of INR220
million to INR240 million over the medium term on account of
unexecuted order book of around INR600 million as on May 30, 2015.
Its operating margin is estimated at 8.0 per cent in 2014-15 as
against 9.9 per cent in 2013-14 owing to increase in raw material
prices. The margin is expected to remain at 8.0 to 8.5 per cent
over the medium term.

The company's scale of operations has increased; is operations
remain working capital intensive, as reflected in its estimated
large gross current assets (GCAs) of 339 days as on March 31,
2015, driven by receivables and inventory of 140 days and 92 days,
respectively, as on that date. Because of its working-capital-
intensive operations, TPL's fund-based limits were utilised
extensively, at an average of 91 per cent over the 12 months
through December 2014. The company's operations are expected to
remain working capital intensive over the medium term. The company
is likely to generate cash accruals of around INR10 million
against nil debt obligations over the period.

TPL's financial risk profile is constrained by its small net
worth, estimated at INR55.5 million as on March 31, 2015. The
financial risk profile is, however, supported by estimated low
gearing of 0.54 times as on March 31, 2015, and interest coverage
ratio of 3.3 times for 2014-15. TPL's gearing is expected to
remain in the range 0.45 to 0.50 times over the medium term,
driven by absence of any debt-funded capex plan; its interest
coverage ratio is expected in the range of 3.4 to 3.6 times over
the period.

TPL was established as a proprietorship firm in 2006 by Mr.
Sanjeev Kumar and was reconstituted as a partnership firm in 2009.
In 2014-15, TPL has reconstituted as a private limited company
with the current name. TPL is headquartered in Patna and
undertakes construction activities, such as setting up of telecom
towers, water pumping systems, canal works, water harvesting
systems; the company also supplies construction material.


VENKATESHWARA FIBRE: CRISIL Suspends B+ Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Venkateshwara Fibre Glass (Chennai) Private Limited (VFG).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B+/Stable

   Factoring/Forfaiting     25        CRISIL A4

   Proposed Long Term
   Bank Loan Facility       18        CRISIL B+/Stable

   Working Capital Demand
   Loan                     45        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by VFG
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VFG is yet to
provide adequate information to enable CRISIL to assess VFG's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

VFG was incorporated in 2005 to take over the business of
partnership concern Venkateshwara Fibre Glass Industries, which
was established in 1985 by Mr. T V Shrinivas and Mr. T V
Chandirasekaran. The company manufactures fibre glass moulded
products and fibre glass reinforced plastic products which find
application in industries such as windmill energy and newsprint
and paper manufacturing industries.

VFG's primary customer is Gamesa Wind Turbines Pvt Ltd (Gamesa),
which account for about 75 per cent of its total sales. Gamesa is
a subsidiary of Gamesa Corporacion Tecnologica, Spain, one of the
largest wind turbine manufacturers in the world.


VIMAL MICRONS: ICRA Reaffirms B+ Rating on INR25.60cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the Rs 0.33 crore
(reduced from INR3.43 crore) term loans and the INR25.60 crore
(enhanced from INR22.50 crore) cash credit facility of Vimal
Microns Limited. ICRA has also reaffirmed an [ICRA]A4 rating to
the INR1.25 crore short term non fund based facility of VML.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loans                0.33       [ICRA]B+ reaffirmed
   Cash Credit Facility     25.60       [ICRA]B+ reaffirmed
   Non Fund Based Limits     1.25       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the relatively
modest size of operations of the company, fragmented nature of the
industry with large number of unorganised as well as organised
players and weak financial profile characterised by low net
margins and a stretched capital structure resulting from regular
debt funded capex in the past and high working capital
requirements. Moreover, the absence of captive mineral resources
exposes the company to uncertainty in its raw material supply
arrangements and results in high working capital intensity of
operations. The ratings further remain constrained owing to
indirect exposure to group company -- VMML by way of a corporate
guarantee.

The ratings, however, favourably factor in the long experience of
the promoters in the micronized mineral powder business, steady
build-up in sales volumes over the years, established relationship
with reputed clientele and positive demand outlook from the paints
and plastics industry.

Vimal Microns Limited (VML), established in 1993 by Shri.
Ganpatbhai K. Patel and associates, is engaged in manufacturing of
micronised mineral powder used as fillers in various paint and
polymer industries. The different products consist of Calcium
Carbonate, Dolomite, China Clay, Talc, Baryte and Quartz. The
company's manufacturing setup is located at Mehsana district,
Gujarat and the production capacity of the plant is 88,800 TPA.
VML is part of the Vimal group of industries based out of Mehsana
whose flagship -- Vimal Oils & Foods Ltd. (Rated [ICRA]BBB-
/[ICRA]A3) is engaged in the production, refining and marketing of
edible oils. Vimal Group of Industries is one of the leading
groups of North Gujarat engaged in diversified businesses like
electrical products, cable wires, winding wires, submersible
pumps, dairy industry, edible oil industry, paint industry and
micronized mineral powder.

VML reported an operating income of INR85.15 crore and profit
after tax of INR0.34 crore for year ended 31st March 2015
(Provisional) as against operating income of INR77.94 crore and
net loss of INR0.03 crore for year ended 31st March 2014.


VINISHMA TECHNOLOGIES: ICRA Reaffirms B Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B to the INR15
crore bank facilities of Vinishma Technologies Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Cash Credit Facilities
   (LT Scale)                  2.00       [ICRA]B; reaffirmed

   Bank guarantee             10.00       [ICRA]B; reaffirmed

   Unallocated                 3.00       [ICRA]B; reaffirmed

ICRA's rating reaffirmation continues to take into account the
dependence of the VTPL's revenues on its ability to successfully
bid for tenders and competition from the number of unorganized
players in the industry VTPL operates in. The rating continues to
take into account lower operating profit margins; increased
working capital needs funded by unsecured loans (interest free)
resulting in highly leveraged capital structure with a gearing of
6.87 times and pressurized cash flows during 2014-15. However, the
rating continues to derive comfort from VTPL's diverse product
portfolio comprising of plastic granules, electrical items,
medical kits, etc; association with government organizations
mitigating the counter party risk and established vender network
for sourcing of products. The rating reaffirmation also takes into
account the growth in the 2014-15 revenues; substantial amount of
orders in hand and absence of major long term debt repayment
commitments.

Going forward the ability of the company to maintain consistent
improvement in the top line while improving the profit margins and
managing working capital needs will be the key rating sensitivity.

Incorporated in 1995 VTPL is engaged in the trading of medical
kits, pre-school kits, weighing scales, stretchers, etc to
different agencies under the Uttar Pradesh Government and the
Andhra Pradesh Government.

Currently, the company has two directors Mr. Pradeep Kumar Jain
and Mr. Anil Sharan Garg. Mr. Pradeep Kumar Jain exclusively looks
after the operations of VTPL however Mr. Anil Sharan Garg is
involved in another business (manufacturing of pillow covers) as
well.

Recent Results
In 2013-14, VTPL reported an operating income of INR35.44 crore
and a net profit of INR0.13 crore, as against an operating income
of INR23.52 crore and a net profit of INR0.04 crore in the
previous year. VTPL, on a provisional basis, reported INR93.68
crore of operating income in 2014-15 and a net profit of INR0.28
crore.


VISHWA GYAN: Ind-Ra Assigns 'IND BB-' Rating to INR67.34MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vishwa Gyan Punj
Trust's (VGPT) INR67.34 million bank loans an 'IND BB-' rating
with Stable Outlook.

KEY RATING DRIVERS

The rating is constrained by the trust's small scale of
operations. Total operating and non-operating income declined to
INR67.72 million in FY14 from INR81.89 million in FY13 due to a
fall in students' headcount to 1,263 from 1,541. This can be
attributed to the discontinuation of operations of the city campus
of the trust in FY12 with 1,000 student intake.

The rating also factors in the decline in the trust's operating
margins excluding rental payments to a moderate level of 30.86% in
FY14 from 49.68% in FY13 due to a disproportionate increase in
operating expenditure compared with the increase in total income.
Tuition fee contributed 79.21% to total income averagely over
FY11-FY14 and other operating expenditure was the chief
expenditure (26.83%) followed by staff cost (24.77%). The trust
reported a net operating deficit of INR13.63 million in FY14 as
against a net operating surplus of INR1.09 million in FY13.

Debt including rent/current balance before interest, depreciation
and rent (CBBIDR) increased to 7.45x in FY14 from 3.96x in FY13
due to a 48.07% yoy decline in CBBIDR to INR21.14 million. Debt in
relation to the total income also increased to 232.67% in FY14
from 196.88% in FY13 on a 17.31% yoy decline in total income

Cash flow from operations does not adequately cover the debt
service as reflected in under 1x debt service coverage ratio
(DSCR) including rent in FY14 and FY13. CBBIDR DSCR was also under
1x over FY13-FY14. However, VGPT has serviced the interest and
principal repayments timely through trustees' additional funds.
The trustees injected INR56.88 million as unsecured loans over
FY12-FY14.

VGPT's liquidity position is moderate. Available funds covered
8.95% of financial leverage and 29.95% of operating expenditure in
FY14. Ind-Ra expects the liquidity to remain moderate as the trust
does not envisage any major capex plan in the next two-to-three
years.

RATING SENSITIVITIES

Positive: A significant increase in the student demand leading to
improvements in the financial performance and coverage ratios
could trigger a positive rating action.

Negative: A further fall in the student demand in conjunction with
a disproportionate increase in the debt resulting in deterioration
in the leverage ratios could trigger a negative rating action

COMPANY PROFILE

VGPT established a school at Jamshedpur in collaboration with the
Delhi Public School Society in 2002. VGPT is registered under
Indian Trust Act, 1857. Dhanraj Singh is the chairman of the
trust. The trust manages a school with intake capacity of 5,000
students.


WELCOME DISTILLERIES: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Welcome
Distilleries Pvt Limited's (WDPL) 'IND BB+' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB+(suspended)' on the agency's
website. The agency has also migrated WDPL's INR140m fund-based
limits to 'IND BB+(suspended)' from 'IND BB+'.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for WDPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


WYAN INDUSTRIES: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Wyan Industries
Pvt Ltd's (WIPL) 'IND B+' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for WIPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

WIPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR19.45 million term loans: migrated to 'IND B+(suspended)'
    from 'IND B+'

-- INR13.05 million working capital term loans: migrated to
    'IND B+(suspended)' from 'IND B+'

-- INR60 million fund-based limits: migrated to
    'IND B+(suspended)' from 'IND B+'

-- INR22.5 million non-fund based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'



=========
J A P A N
=========


AOZORA BANK: Completes Repayment of Public Bailout Funds
--------------------------------------------------------
The Japan Times reports that Aozora Bank on June 29 finished
repaying the government for all the public money injected into its
nationalized predecessor, Nippon Credit Bank, during Japan's
nonperforming loan crisis in the late 1990s, officials from the
lender said.

On June 29, Aozora paid back some JPY143.4 billion to complete its
repayment of the bailout, which came to around JPY355 billion,
including JPY320 billion in bailout funds injected since 1998,
plus dividends.

The Japan Times relates that the bank planned to complete
repayment by 2022 but decided to move the date forward in light of
its strong share price, which it said reflects its business
recovery.

Fellow bailout recipient Resona Holdings Inc. completed its
repayment on June 25, leaving Shinsei Bank the only major bank yet
to repay the public, the report notes.

Shinsei's prospects for repayment remain unclear due to its
stagnant stock price, according to the report.

To complete repayment, Aozora "focused on its core operations and
streamlined its businesses," President Shinsuke Baba told
reporters, the report relays.

According to the report, the bank plans to shift its focus to
operations related to asset management targeting the elderly and
real estate investment in coordination with regional banks.

Aozora is the successor to the now-defunct Nippon Credit Bank,
which collapsed in 1998 under the weight of bad loans and was put
under temporary state control. It changed its name to Aozora Bank
in 2001 following its sale to private-sector investors.

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.


HN TRUST: Fitch Affirms 'BBsf' Rating on JPY20MM Class A3 Sr. BIs
-----------------------------------------------------------------
Fitch Ratings has affirmed five senior beneficial interests (BIs)
from HN Trust and has simultaneously withdrawn them for commercial
reasons. The transaction is a re-securitization of two junior BIs
issued prior to the issuance of these senior BIs, and is
ultimately backed by multiple residential mortgage loan pools. The
rating actions are listed below:

JPY140 million Class A1 senior BIs affirmed at 'AA+sf'; Outlook
Stable; rating withdrawn

JPY60 million Class A2 senior BIs affirmed at 'BBBsf'; Outlook
Stable; rating withdrawn

JPY20 million Class A3 senior BIs affirmed at 'BBsf'; Outlook
Stable; rating withdrawn

JPY600 million Class B1 senior BIs affirmed at 'AA+sf'; Outlook
Stable; rating withdrawn
JPY447.7 million Class B2 senior BIs affirmed at 'A+sf'; Outlook
Stable; rating withdrawn

*as of 26 June 2015

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement levels are sufficient to support the current ratings.
The overall performance of the transaction remains within the
agency's expectations. The ratings of the Class A1 and B1 senior
BIs are constrained by the exposure to the account bank, which
does not satisfy the agency's counterparty criteria to support
'AAAsf' ratings.

RATING SENSITIVITIES
Not applicable

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the
underlying pools and the transaction. There were no findings that
were material to this analysis. Fitch has not reviewed the results
of any third party assessment of the underlying pools' information
or conducted a review of loan origination files as part of its
ongoing monitoring.


TOKYO ELECTRIC: 3 Top Banks to Give JPY280BB Additional Fund
------------------------------------------------------------
The Asahi Shimbun reports that Japan's top three banks and other
financial organizations who have been funding embattled Tokyo
Electric Power Co. have agreed to extend JPY280 billion
($2.26 billion) in loans to the utility for the fiscal year.

The report says the entities concluded that TEPCO, the operator of
the crippled Fukushima No. 1 nuclear power plant, has been
successful in cutting costs.

The report relates that the utility has secured a pretax profit
and been in the black for two years in a row, even without the
restart of its Kashiwazaki-Kariwa nuclear power plant in Niigata
Prefecture.

According to the report, TEPCO plans on becoming a holding company
in the next fiscal year comprised of three subsidiaries that will
split its fuel supply and thermal power generation, electric power
transmission, and electricity retailing into separate businesses.

Shareholders voted on the plan at their meeting on June 25.

The Asahi Shimbun says the banks and other lending institutions
have expressed support for the plan, saying they believe the
utility's decision to separate its power generation and
transmission businesses before its competitors do so will
strengthen its ability to compete in the industry after power
deregulation is introduced nationwide.

TEPCO had been asking the banks and other financial bodies for
funding to help with debenture redemption and capital investments,
the report states.

For the two years starting this fiscal year, it said it needs a
total of JPY1.3 trillion to fund the projects. The company also
plans in fiscal 2016 to issue its first debenture since the 2011
Great East Japan Earthquake and tsunami triggered the Fukushima
nuclear disaster.

However, TEPCO has been unable to significantly improve its
profitability without the restart of the Kashiwazaki-Kariwa
nuclear power plant, as its ongoing cost-cutting efforts have
limits, the report notes.

                           About Tepco

Tokyo Electric Power Company, Incorporated, headquartered in
Tokyo, is the largest electric utility in Japan in terms of power
generation and sales.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2015, Moody's Japan K.K. affirmed all of Tokyo Electric
Power Company, Incorporated's (TEPCO) ratings, including the Ba3
corporate family rating, Ba2 senior secured bond rating, B1 issuer
rating, and the Not Prime commercial paper rating following its
announcement of corporate restructuring. The outlook remains
negative.

The following were affirmed:

  -- Corporate family rating at Ba3

  -- Long-term issuer rating at B1

  -- Senior secured debt rating at Ba2

  -- Commercial paper program at NP



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: 6,000 Jobs Cut Final Effort to Save Carrier
--------------------------------------------------------------
Bernama reports that the cut in 6,000 jobs under Malaysia
Airlines' (MAS) rescue plan should be accepted as 'divine will and
decree', said academician, Prof Datuk Dr Zainal Kling.

According to the report, Zainal said Khazanah Nasional Bhd's plan
to reduce the number of staff was one of the key steps that needed
to be undertaken even though it faced the strike threat by
National Union of Flight Attendants Malaysia (NUFAM) and there was
no reason to withdraw it.

Bernama relates that Zainal, from the Centre for Government Study,
Universiti Utara Malaysia, said the workers should know that MAS
technically was bankrupt, as explained by chief executive officer,
Christoph Mueller, and the cut in the number of staff was a final
option.

"Also, the staff that were laid-off received alternative offers of
jobs in addition to the appropriate compensation under the
collective agreement," he told Bernama, referring to the statement
by Deputy Finance Minister Datuk Ahmad Maslan on
June 24.

Ahmad had said to date, 5,500 employment opportunities at 30
companies had been made available to those MAS employees whose
services had been terminated, Bernama reports.

This included two local airline companies -- AirAsia and Malindo
Air, he said, the report relays. Ahmad had said the compensation
and facilities provided for staff leaving MAS and those retained,
cost MYR1.5 billion, Bernama discloses.

Bernama adds that Ahmad said the government was also forced to
spend MYR19.2 billion from 2001-2014 to help MAS following the
airlines' failed privatisation in the 90s.

According to Bernama, Zainal said the job cuts were normal in the
private sector or government when the operations faced losses.
"So, the people must accept the divine's will and decree," he
said.

On the threat by NUFAM to strike, he said, the move was not right
as it will further result in losses for all parties, Bernama
relays. He believed that MAS has contingency plan, or Plan B, to
face the threat, the report adds.

"Any kind of business there is no guarantee of success. But at
least those who had studied MAS problems understand them," the
report quotes Zainal as saying.

"The biggest cost is administrative, not technical. Mueller's plan
to reduce the number of planes and cut flight routes shows his
experience of knowing where the costs should be reduced to boost
efficiency," he said. The national airline has recorded losses of
over MYR4.9 billion since 2011, the report discloses.

Mueller had said the new company, Malaysia Airline Bhd (MAB), was
a smaller company with only 14,000 staff. Zainal also said in an
airline industry, it was difficult for the players to predict the
future, Bernama adds.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 3, 2015, Bloomberg News said Malaysia's national airline is
terminating about 6,000 workers and reviewing plane purchases in a
bid to return to profit as Chief Executive Officer Christoph
Mueller declared the company "technically bankrupt."

According to Bloomberg News, Mr. Mueller said Malaysia Airlines
Bhd. is kicking off a corporate revamp with a "hard reset" as it
seeks to cut costs by 20 percent and break even by 2018 after two
air disasters last year. The carrier is retaining at least 14,000
employees for the new company and will refurbish the business-
class section on some planes as part of its turnaround, he said.

Bloomberg said Malaysia Airlines is seeking to reinvent itself
after stiff competition led to years of losses, even before flight
MH370 disappeared in March last year and MH17 was shot down over
Ukraine.  Bloomberg related that Mr. Mueller said the carrier
needs time to turn around with a plan that includes adjusting the
size of operations and renegotiating key contracts.

The old structure, Malaysian Airline System Bhd., will cease
operations in August, and selected assets and liabilities will be
transferred to the new company, Bloomberg noted.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



====================
N E W  Z E A L A N D
====================


ORANGE FINANCE: KordaMentha Concludes Receivership
--------------------------------------------------
Jonathan Underhill at BusinessDesk reports that the receivers for
Doug Somers-Edgar's Orange Finance have concluded their work with
a shortfall of about NZ$10 million in principal and interest owed
to debenture holders of the failed company.

Orange froze repayments to some 2,500 investors owed
NZ$25.6 million in late 2008 before convincing debenture holders
to agree to a moratorium on redemptions and interest payments
until the end of July 2011, BusinessDesk discloses. That deadline
was later pushed out another year with trustee Covenant Trustee's
approval.

BusinessDesk says Covenant appointed Brendon Gibson and Grant
Graham of KordaMentha as receivers after Orange managed to repay
72 cents in the dollar during its 3 1/2-year moratorium on
interest payments. By the end of the receivership, the repayment
has climbed to 84 cents in the dollar, BusinessDesk relates.

"Given there are no further assets to realise there will be a
shortfall to debenture holders," the receivers, as cited by
BusinessDesk, said. The final payment made was NZ$45,400 paid to
the trustee in relation to distributions owed to debenture holders
who hadn't been tracked down or had failed to respond to notices
from the receivers, according to the report.

Orange had been incorporated in 2003 and funded property
development and investment loans from funds raised from the public
via the issue of debentures. Orange had no employees or
infrastructure and was operated by Matrix Funding Group, which
changed its name to Waiwera Canyon in June 2014 and is still owned
by Somers-Edgar and his wife Anne.

BusinessDesk says some investors complained they had been
encouraged to put their money into Orange by advisory firm Money
Managers, a Somers-Edgar vehicle that has since been struck off
the register of companies.

According to the report, Somers-Edgar is associated with two other
companies that are at risk of being struck off -- Ginsing Growers
and EFT Management, which is overdue filing its annual return.
Another, CTT Finance Holdings, is in receivership, while Heritage
Trust is in liquidation, the report notes.

Orange Finance Limited is a privately-owned New Zealand-based
finance company, offering First Ranking Secured Deposit
investments, exclusively through nationwide financial planning
firm, Money Managers.



=================
S I N G A P O R E
=================


MANULIFE ASSET: Proceeds With Planned Singapore IPO
---------------------------------------------------
P.R. Venkat at The Wall Street Journal reports that Manulife
Financial Corp.'s asset-management arm will take orders this week
for an initial public offering in Singapore of U.S. office
properties, people with knowledge of the process said June 28.

The Journal relates that the IPO of the real-estate investment
portfolio holdings of Manulife Asset Management, which could raise
up to US$450 million, would target Asian investors seeking stable
cash flow and higher yields than are available in the bond market.
Since the 2008 financial crisis and the arrival of low interest
rates globally, money has flowed into everything from U.S. junk
bonds to the Australian dollar and Singapore trusts as investors
have tried to boost returns, according to the report.

According to the Journal, one of the people said the offering,
which would be structured as a real-estate investment trust, would
provide rare exposure to the U.S. property market. The company is
planning to sell the units at 82 Singapore cents (61 U.S. cents) a
unit, the people, as cited by the Journal, said.

The IPO, if successful, would be the biggest such transaction in
Singapore this year, the Journal relays. Singapore is home to
nearly 59 real-estate investment and other trusts, with a combined
market capitalization of close to SGD100 billion, the Journal
discloses. Investors are drawn to their yields, which at about 6%
or 7% a year far exceed the 0.25% offered on 12-month Singapore-
dollar deposits, notes the report.

The Journal relates that one of the people said Manulife Asset
Management is seeking to pay a 6.3% yield for 2016.

According to the report, people with knowledge of the deal said
that the company has secured six cornerstone investors who have
agreed to take up as much as 30% of the total deal size.
Cornerstone investors generally buy shares ahead of an IPO,
pledging to hold them for a set period. Having such investors
helps bankers and the company market the deal to other
institutional and retail investors, the report states.

The Journal says the planned IPO would be a rare listing of U.S.
assets in Asia. Although specific figures weren't immediately
available, only a few U.S. companies have listed in the region,
the most recent being luggage maker Samsonite International SA's
US$1.3 billion IPO in Hong Kong in 2011, the report relates citing
Dealogic.

The Journal states that the Manulife deal could also mark a
revival of the Singapore IPO market, which has been weak this year
amid greater interest from investors in soaring stocks in mainland
China and Hong Kong. Companies have raised US$33 million through
IPOs in Singapore this year, compared with US$619 million a year
earlier, according to Dealogic, the Journal relays.

While investors have been concerned about the potential for rising
global interest rates that could negatively affect REIT prices,
Manulife is counting on investor interest from Asia in mature U.S.
office properties, the report says. Singapore-listed REITs are
mostly dominated by properties that have exposure to Singapore or
China, adds the Journal.


MANULIFE US: S&P Assigns 'BB' Preliminary LT CCR; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' preliminary long-term corporate credit rating to Manulife US
REIT.  The outlook is stable.  S&P also assigned its 'axBBB-'
preliminary long-term ASEAN regional scale rating to the REIT.
S&P's preliminary rating is contingent upon the successful listing
of Manulife US REIT's IPO on the Singapore stock exchange.

"The preliminary rating reflects our view that Manulife US REIT
will benefit from its high quality asset portfolio and well-known
brand name, despite its small asset base," said Standard & Poor's
credit analyst Kah Ling Chan.

Manulife US REIT's business strategy is to grow its portfolio by
acquiring office assets in the U.S. from third parties.  The
company's existing portfolio consists of three office buildings in
Los Angeles, Orange County, and Washington D.C. in the U.S.
Overall, the portfolio's occupancy is high at above 97% as of
March 31, 2015, with a diversified tenant base where the biggest
tenant occupies about 10% space.  The average lease expiry by area
is 5.1 years, with 85.5% of leases having annual rental escalation
provisions of between 2.0% and 3.5%.

In S&P's view, Manulife US REIT will benefit from the expertise of
its sponsor, The Manufacturer Life Insurance Co., in managing
commercial properties.  In addition, the shared brand name with
the sponsor helps the REIT in the highly competitive U.S. office
market.

S&P believes that Manulife US REIT's small asset base constrains
its competitive position.  Manulife US REIT is therefore not well
positioned to weather an unexpected downturn in the U.S. economy,
which could translate into a weak office leasing market and
adversely impact the REIT's net operating income.  S&P assess
Manulife US REIT's business risk profile as "weak" based on the
above factors.

S&P expects Manulife US REIT's EBITDA interest coverage to stay
about 3.5x over the next 18-24 months, a level S&P considers
commensurate with an "intermediate" financial risk profile.  S&P
anticipates that the ratio of funds from operations (FFO) to debt
will likely remain about 9% over the period.

S&P anticipates that Manulife US REIT's leverage (ratio of debt to
total assets) will remain at about 38% in the next 18-24 months,
compared with the company's targeted leverage of below 40%.  This
leverage level leaves Manulife US REIT with limited headroom to
raise debt within its current financial risk profile category.
S&P believes that the REIT is unlikely to gear up for acquisitions
over the next 12 months at least, given that a sizeable portion of
its equity funding would be utilized.

"The stable outlook reflects our expectation that Manulife US REIT
will operate within its financial policy, such that its leverage
will stay below 40% over the next 12-18 months," said Ms. Chan.
"We believe the REIT's portfolio will continue to generate stable
income owing to its high occupancy, long lease expiry, and
diversified tenant base."

S&P may lower the rating if the REIT manager undertakes a debt-
funded acquisition program that keeps its leverage above 40% for a
prolonged period.  At those levels, S&P would expect the EBITDA
interest coverage to fall below 2.4x and the FFO-to-debt ratio to
be below 9% on a sustained basis.  Rating pressure could also
arise if the REIT's cash flows weaken, which could be because of a
decline in net operating income owing to higher vacancies or lower
rents on renewed leases.

S&P don't expect an upgrade over the next 12 months, given
Manulife US REIT's current asset portfolio mix.  However, S&P may
raise the rating if the REIT grows its asset portfolio while
managing its lease expiry in 2017 (representing about 18% of the
total lease expiry), such that its profits are stable.

S&P may also raise the rating if Manulife US REIT articulates a
more conservative financial policy, such that its EBITDA interest
coverage improves to more than 3.8x or its FFO-to-debt ratio is
above 15% on a sustained basis.



====================
S O U T H  K O R E A
====================


SK INNOVATION: Investors Doubt Unit's Planned IPO on Failed Sale
----------------------------------------------------------------
Park Si-soo at The Korea Times reports that SK Innovation's recent
failure to sell its lubricant-making affiliate, SK Lubricants, to
local private equity firm MBK Partners has dealt a blow to the oil
refiner's plans to improve finances.

Now it seeks to restart its push for an initial public offering
(IPO), the report says.

Yet it's doubtful whether the plan of listing SK Lubricants on the
domestic bourse will unfold smoothly because potential investors
appear to have lost their confidence in SK Innovation in the wake
of the aborted sale, according to the Korea Times.

According to the report, industry officials said the fact that SK
Innovation, which had prepared to launch an IPO for the lubricant
unit, also attempted to sell it to a private equity fund made
investors suspicious about SK Innovation's commitment to
implementing the IPO.

SK Innovation reported an operating loss of KRW224.1 billion last
year, the first loss in 37 years, the report notes.

Its CEO Chung Chul-khil has pledged to overcome the industry-wide
difficulty by restructuring the firm's non-core businesses.
However, the aborted deal to sell the lubricant unit has tarnished
his leadership. He faces difficulties delivering on his pledges to
improve SK Innovation's finances, says the Korea Times.

"The biggest uncertainty lies in a lack of consistency and
commitment," the report quotes an industry source as saying. "SK
Innovation attempted to sell SK Lubricants when the latter's IPO
process was under way, which got investors and market observers
perplexed."

He said the IPO seems to be the only option available for SK
Innovation at the moment, but he raised questions over whether the
refiner is "genuinely committed" to the lubricant maker's IPO, the
report relays.

The Korea Times relates that another source said SK Innovation
might have taken the two-track strategy to maximize its benefits,
but eventually it has let down investors and jeopardized its IPO
plan.

After the sale deal broke down, SK Innovation delayed SK
Lubricants' pre-IPO assessment by the Korea Exchange (KRX) to
July, the report recalls. The Korea Investment and Securities, the
lead manager for SK Lubricants' IPO, said it is working as
planned, the Korea Times notes.

"I was surprised (by the news of SK Lubricants' sale) because SK
Innovation seemed to have been very serious about the IPO," the
report quotes a KRX official as saying. "Nothing may be certain at
the moment. Personally speaking, I don't rule out the possibility
that SK Innovation may seek to sell Lubricant again."

Another fallout from the aborted deal is that SK Lubricants'
estimated market value was revealed, the report adds.

SK Innovation Co., Ltd. is engaged in the exploration and
production of liquefied natural gas and petroleum in South Korea
and internationally.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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